Skip to comments.Another massive loss for J.C. Penney
Posted on 05/19/2013 1:15:55 AM PDT by South40
There's one great thing about J.C. Penney's last quarter: It's over.
The struggling retailer lost a whopping $289 million for the three months ended on May 4, with sales plunging 16.4% versus a year prior.
(Excerpt) Read more at money.cnn.com ...
Amazing. Retail and politics don’t mix. My Mom used to take me to JCP every August to buy 2 pairs of corderoys for school. One blue, one brown.
Intense competition in the retail sector....what does JC Penny offer that several other outlets not offer better.
I am sure that JC Penny’s progressive politics don’t help, but I think the real cause of its business woes is its poor management.
It’s called badwill.
JCP successfully managed to take a thriving company and by overt intentional recreation of their image, lose their marketshare.
Even if they turned around their operations, and in-store culture, they’ve thoroughly engrained in their customer base a hardened image of a company that refuses to provide sales of their desired commodities.
It ain’t coming back to JCP.
They will be smarter to file Chapter 11 and rename their enterprise.
I used to buy clothes from The Talbots until they stopped selling exclusively items made of natural materials - cotton, silk, wool, rayon. Why should I spend over $200 for a dress made of polyester? Designer names mean nothing to me!
J.C.Penney has an opportunity to change their P & L sheets fast, by going with natural fibers and conservative clothing for men and women. Conservative doesn’t mean frowdy, either. It means Classic!
I never shopped at Sears for clothes, simply because they looked cheap even if well made. Even when Sears carried Lands End, it was always the wrong colors they exhibited on mannequins, in my opinion.
Great if you're looking for a particular designer, but horrible if you're just looking for a nice shirt. Worst, more than half of their floorspace is now effectively subletted to designers, in a space where no one is actually seeking designers.
Sure, with declining sales, seeking to reinvent is a nifty idea, but this reminds me of the demise of Tandy Leather where they hired a bunch of fresh out of college business administrators who were all convinced that the next best thing was picture framing. Far too much of the floor space converted to something none of their customers were coming into the store for.
Add in ticking off the conservative customer with fishing for the gay dollar (like they'd be caught dead in JC Penny..) and it spells financial disaster. Still a great store for men's shirts, if you can stomach the gay ads and can actually find what's left of the men's section in the forest of storelets.
I figure another series of big yellow ‘store closing’ banners and another two quarters of disappointing results before they abandon this latest utter waste of financial resources and finally return back to their core demographic. But first, they'll again annoy the conservative market by aiming at the non-American market.
J.C. Penney did get a rare vote of confidence recently from hedge-fund mogul George Soros, who revealed a 7.9% stake in the company last month.
None for me. I don't do business with totalitarians.
Why, oh why, do we need JC Penny's?
Losers are losers. It's how the cookie crumbles.
I'm the lazy-ass consumer slacker. No corporation is worth anything unless it makes my life one of ease and convenience. And that's the Bottom Line!
I got all my boys clothes there. They’re 45 & 47 now. The pants were maroon, navy and brown denim....add a dress shirt and tie for their Catholic school. The “uniforms” sure made life easy. Sign me...no droopy pants on my boys.
This past winter, I purchased 2 wool turtlenecks and a heavy gauge cotton sweater. The turtlenecks were thin and flimsy and the cotton was a mess of pilling after about 2 washings. That's it. No more Lands End for me.
Or, quoting from the article "Irrelevant Homophobes Newly Enraged Over JC Penney Ad":
. . . two nice lesbians named Wendi and her partner Maggie and their daughters.
Apparently, those who do not wish to identify with JC Penney's politics are not as irrelevant as was assumed.
Let them stick with De Generate, right down the tubes.
Because Poly and Ester are single moms and EBT doesn't pay for "hot chicken wings"...............
Besides the miserably failed attempt to attract higher end sales, the Penny’s shopper, of which my mom was one, gave value to people who work for a living.
There are what, 100,000,000 people NOT counted on the unemployment roles because they have “stopped looking” i.e., government euphanism for ~can’t find a job because there aren’t any~.
Until these people go back to work and companies are able to hire because the failed policies of the Obama admin are trashed, retail will continue to fail. Especially middle roaders like Penny’s and Sears.
I won’t attend a gay church (Episcopal), shop in a gun free zone (GoodYear) or shop in a store that promotes same sex marriage (JC Penny). Simple choices for me. You can believe what you want (I don’t care)...but don’t fret about not getting my hard earned money. But I do care when you do something that threatens my lifestyle and try to blame me for your failure. I hope all enjoy bankruptcy (as i said, I don’t care).
Stole my thunder, Soros is involved
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.